Romarco announces 2013 fourth quarter and year end results

TRADING SYMBOL: TSX: R

TORONTO, Feb. 24, 2014 /PRNewswire/ - ROMARCO MINERALS INC. (TSX: R) (the "Company") is pleased to announce that it has released its results for the fourth quarter and year ended December 31, 2013.  The Company's 2013 fourth quarter and year-end financial statements and MD&A are available on SEDAR at www.sedar.com and on the Company's website at www.romarco.com

All dollar amounts in this news release are expressed in U.S. dollars, unless otherwise noted.

Highlights from the results include:

  • Cash balance at December 31, 2013 was $47.2 million.
  • Net cash spent on operating and investing activities was:
    • $9.3 million during the three-month periods ended December 31, 2013 and 2012, respectively.
    • $41.4 million during the year ended December 31, 2013 compared with $51.1 million during the same period in 2012.
  • Net loss was:
    • $2.7 million ($0.00 per share) and $3.3 million ($0.01 per share) for the three-month periods ended December 31, 2013 and 2012, respectively.
    • $14.2 million ($0.02 per share) and $11.9 million ($ 0.02 per share) for the years ended December 31, 2013 and 2012, respectively.
  • On November 13, 2013, the Company closed on a non-brokered private placement financing of 71,678,599 common shares of the Company at a price of C$0.35 per share for aggregate gross proceeds of approximately $24.0 million (C$25.1 million) and net proceeds of approximately $23.8 million (C$25.0 million).
  • On June 26, 2013, the US Army Corps of Engineers ("Corps") issued a schedule for the Haile Gold Mine  Environmental Impact Statement ("EIS") as follows:
    • Alternatives Development and Evaluation Report publication - Completed: August 5, 2013
    • Community meeting - Completed: August 20, 2013
    • Draft EIS publication - March 2014
    • Draft EIS public hearing - April 2014
    • Final EIS publication - July 2014
  • During the fourth quarter of 2013, the Company extended the delivery schedule of its Caterpillar ("CAT") mobile mine equipment and final payment of approximately $29 million by nine months to December 31, 2014.  During January 2014, the Company extended the delivery schedule of its Hitachi shovel and final payment of approximately $2 million by eleven months to December 31, 2014.
  • During October 2013, the Company received the Bureau of Air Quality State Construction Permit, the National Pollutant Discharge Elimination System Permit and the Dams & Reservoirs Safety Permit and authorization for coverage under the General Permit for Stormwater Discharges from Construction Activities.  All four decisions are now final and each appeal period has closed with no appeal.
  • During October 2013, the Company entered into an agreement with Cutfield Freeman & Co Ltd. as its financial adviser with the aim of securing financing for a significant portion of the funds required to construct the Haile Gold Mine project.
  • Effective April 15, 2013, the Company suspended all exploration drilling activity for its three remaining Company-owned then-operating drill rigs.  Resumption of drilling will be predicated on future funding. The Company continues to engage strict cash conservation measures as it undergoes permitting for the Haile project.

About Romarco Minerals Inc.

Romarco Minerals Inc. is a gold development company focused on production primarily in the US. The Company has completed a positive Feasibility study and is continuing permitting for its flagship project, the Haile Gold Mine in South Carolina.

Please note:
This entire press release may be accessed via fax, e-mail, Romarco's website at www.romarco.com and through CNW Group's website at www.newswire.ca. All material information on Romarco Minerals Inc. can be found at www.sedar.com.

SOURCE ROMARCO MINERALS INC.



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